Inspiring working environment provides great opportunity to attract talent and retain talent who can grow together with our businesses, and we can

inspiring working environment provides great opportunity to attract talent and retain talent who can grow together with our businesses and we can


bank accounts. The outlook. The weak market environment also led to a low demand in the first 2 months of '19. The momentum has not changed.

accounts the outlook the weak market environment also led to a low demand in the first 2 months of '19 the momentum has not changed


into these markets, but it would come at the expense of margins being shared with a partner. But we're also lining up to have the option to go direct, at least to the major users.

into these markets but it would come at the expense of margins being shared with the partner but we're also lining up to have the option to go direct at least to the major users


Our U.S. real estate strategy will be driven by placing the majority of our new stores throughout Middle America and the South, with careful consideration of the format type.

our u s real estate strategy will be driven by placing the majority of our new stores throughout middle america and the south with careful consideration of the format type


We are expanding and trying to diversify our customer base where we do not only rely on big digitals, but actually expanding it to other customers. And

we are expanding and trying to diversify our customer base where we do not only rely on big digitals but actually expanding it to other customers and


is important to note that room revenues only declined 0.7% as a result of the additional day in February and the addition of the new rooms at the Boston Hilton.

it is important to note that room revenues only declined 0 7% as a result of the additional day in february and the addition of the new rooms at the boston hilton


All that said, we are the buyer of choice for many community-based hospitals around the country. And as we evaluate these opportunities,

all that said we are the buyer of choice for many community-based hospitals around the country and as we evaluate these opportunities


Got it. And if I can ask one last one. I believe you mentioned in the past that -- and the question comes up about regulatory scrutiny on the industry overall.

got it and if i can ask one last one i believe you mentioned in the past that -- and the question comes up about regulatory scrutiny on the industry overall


strong possibility for future value to be seen from Optiquel. I really unfortunately cannot say too much more about that, but it is an active project.

strong possibility for future value to be seen from optiquell i really unfortunately cannot say too much more about that but it is an active project


So can you walk us through a little more detail in terms of scale and scope of how you're attacking this? And how you're planning to mitigate the risk of market share losses as competitors step in to fill the void?

so can you walk us through a little more detail in terms of scale and scope of how you're attacking this and how you're planning to mitigate the risk of market share losses as competitors step in to fill the void


we still have to find the right dose. What is the number of cells, with the potency they have, injected to the patient, confronting to this tumor mass

we still have to find the right dose what is the number of cells with the potency they have injected to the patient confronting to this tumor mass


overall, we see that the good macroeconomic conditions and good demand growth has helped reduce the impact of the trade actions. Okay? Having said that, there are specific concerns that we have in Europe about

overall we see that the good macroeconomic conditions and good demand growth has helped reduce the impact of the trade actions having said that there are specific concerns that we have in europe about


both products as well as companies that have a unique advantage in those categories. So what you've seen are couple of relatively small,

both products as well as companies that have a unique advantage in those categories so what you've seen are a couple of relatively small


if you look at the investor presentation that we've had out there, the last 2 investor presentations, one page we do have out there is where we compare Dime's yield on loan portfolio to maybe 12 other peers in our marketplace.

if you look at the investor presentation that we've had out there the last few investor presentations the one page we do have out there is where we compare dimes yield on loan portfolio to maybe 12 other peers in our marketplace


We anticipate our second quarter average domestic sales realizations will be modestly higher than the first quarter average. Forestry and road spending will also increase as we enter the spring and summer months.

we anticipate our second quarter average domestic sales realizations will be modestly higher than the first quarter average forestry and road spending will also increase as we enter the spring and summer months


That being said, I do think we are starting to see some of those pockets that we've been talking about for years really start the tension where we have the new capacity coming online and running full. And certainly, we've seen that in

that being said i do think we are starting to see some of those pockets that we've been talking about for years really start to tension where we have the new capacity coming online and running full and certainly we've seen that


the correlation to the domestic market here in the West. And so you'll typically see that trade in a correlated fashion to what domestic pricing looks like in the Pacific Northwest. And then the other piece

the correlation to the domestic market here in the west and so you'll typically see that trade in a correlated fashion to what domestic pricing looks like in the pacific northwest and then the other piece


prices of hogs. We -- again, we believe that there could be some short-term volatility, but that's going to be very short term based on daily or weekly needs of hogs.

on the prices of hogs we -- again we believe that there could be some short-term volatility but that's going to be very short term based on daily or weekly needs of hogs


We believe that these investments will generate benefits over time by providing a scalable platform to leverage revenue growth and accommodate future acquisitions with a more efficient infrastructure.

we believe that these investments will generate benefits over time by providing a scalable platform to leverage revenue growth and accommodate future acquisitions with a more efficient infrastructure


with big ambulatory groups who want to start using EXPAREL very aggressively to drive their -- the momentum of their business around the fact that it will be reimbursed.

with big ambulatory groups who want to start using exparel very aggressively to drive the momentum of their business around the fact that it will be reimbursed


Clearly, the transitional issues that impacted the first half of F '15 were disappointing. However, we do believe that the opportunity for growth in this business remains very strong, and that we are well placed to deliver.

clearly the transitional issues that impacted the first half of f '15 were disappointing however we do believe that the opportunity for growth in this business remains very strong and that we are well placed to deliver


On the acquisition side, we continue to focus on tuck-in acquisitions, with a particular interest in buying in agent station locations both inside and outside our network.

on the acquisition side we continue to focus on tuck-in acquisitions with a particular interest in buying in agent station locations both inside and outside our network


and that's been a real nice contributor to the business overall. Where we're seeing the headwinds right now from a margin perspective beyond just the LED side is the timing of projects

and that's been a real nice contributor to the business overall where we're seeing the headwinds right now from a margin perspective beyond just the led side is the timing of projects


First, we've become more selective in our order process, which may reduce our revenues in this business, but it avoids us using capital for projects that have returns that do not meet our targets.

first we've become more selective in our order process which may reduce our revenues in this business but it avoids us using capital for projects that have returns that do not meet our target


For the full year, I expect our effective interest rate to remain around 3% as we continue to see the benefit from the refinancing with some risk of floating rates rising.

for the full year i expect our effective interest rate to remain around 3% as we continue to see the benefit from the refinancing with some risk of floating rates rising


significant investment in trying to expand existing relationships to get them used and utilize more of their existing lines with us

significant investment in trying to expand existing relationships to get them use and utilize more of their existing lines with us


We expect these new lines as well as the transitions and additional startups will position us nicely, for strong growth in 2019, and we are still confident in our revenue target

we expect these new lines as well as the transitions and additional startups will position us nicely for strong growth in 2019 and we're still -- we are still confident in our revenue target


are there any different products that are working in that portfolio? Or is it just still the continued focus on rolling out that strategy and that concept in those markets?

are there any different products that are working in that portfolio or is it just still the continued focus on rolling out that strategy and that concept in those markets


we will continue to work proactively with states to expand our integrated care management programs for individuals with chronic and complex conditions. We are currently focused on 3 populations.

we will continue to work proactively with states to expand our integrated care management programs for individuals with chronic and complex conditions we are currently focused on 3 populations


these very high, small volume dispense applications that we're getting traction on. So those are all the things we're trying to do to buffer it. I can't say that that's going to mean, we're not going to see some

these very high small volume dispense applications that we're getting traction on so those are all the things that we're trying to do to buffer it i can't say that that's going to mean we're not going to see some


Replacing underperforming retailers gives us an excellent opportunity to diversify and improve our tenant mix and give our customers more options, such as food and beverage, entertainment, fitness and groceries.

replacing underperforming retailers gives us an excellent opportunity to diversify and improve our tenant mix and give our customers more options such as food and beverage entertainment fitness and groceries


systematically targeting areas and systematically starting to rebuild our pipeline of likely candidates. The environment, I think, is a challenging one right now.

systematically targeting areas and systematically starting to rebuild our pipeline of likely candidates the environment i think is a challenging one right now


Irrespective of these short-term dynamics, I remain steadfast in the execution of our vision and strategy to transform the company towards more engineered products and differentiated technologies.

irrespective of these short-term dynamics i remain steadfast in the execution of our vision and strategy to transform the company towards more engineered products and differentiated technologies


So it's not just that we're getting it wrong or it's not happening as quickly as we thought it was going to happen, it's not happening like the DOT thought it was going to happen or the general contractor thought it was going to happen. It's just

so it's not just that we're getting it wrong or it's not happening as quickly as we thought it was going to happen it's not happening like the dot thought it was going to happen or the general contractor thought it was going to happen it's just


These headwinds were partially offset by an increase in nonmetallic mineral products, fabricated metals and merchant wholesalers durable goods, which were bright spots in the quarter.

these headwinds were partially offset by an increase in nonmetallic mineral products fabricated metals and merchant wholesalers durable goods which were bright spots in the quarter


and running of these hubs, that is the goal, is to achieve much better scale benefits. And as a consequence, we should be able to deliver what Eric is talking about in terms of

and running of these hubs that is the goal is to achieve much better scale benefits and as a consequence we should be able to deliver what eric's talking about in terms of


on United Therapeutics treprostinil products are very, very likely and we are quite confident that they will continue to grow year after year

on united therapeutics' proposomal products are very very likely and we are quite confident that they will continue to grow year after year


going back, let's say a quarter or so there was really no clear forecast at all. We are starting to see more of a clear forecast actually come in from our end customers now. So that gives a little more confidence that

going back let's say a quarter or so there was really no clear forecast at all we are starting to see more of a clearer forecast actually come in from our end customers now so that gives us a little more confidence that


So can you talk about that decision and then maybe help us -- help quantify what sort of impact it's actually expected to have on your 3% same-store expectations for the year?

so can you talk about that decision and then maybe help us -- help quantify what sort of impact it's actually expected to have on your 3% same-store expectations for the year


is that the market is going through a moment of reversal of this curve, this downward curve. And it seems to me that the inventories of paper producers

is that the market is going through a moment of reversal of this curve this downward curve and it seems to me that the inventories of paper producers


been with the group for 34 years, will go into retirement at the end of this year on grounds of age. So that's also an opportunity for us to refresh the leadership team. And I need to lead

been with the group for 34 years will go into retirement at the end of this year on grounds of age so that's also an opportunity for us to refresh the leadership team and i need to lead


And by the way, we're just getting now back to -- I think it was in the Journal today. They talked -- we've been seeing the same thing with wage inflation starting to pick up. But it's just now getting back to where it was on average over,

yes and by the way we're just getting now back to -- i think it was in the journal today they talked -- we've been seeing the same thing with wage inflation starting to pick up but it's just now getting back to where it was on average over


and therefore depend on circumstances that may or may not occur in the future. Investors should understand that general economic conditions, industry conditions and other operating factors

and therefore depend on circumstances that may or may not occur in the future investors should understand that general economic conditions industry conditions and other operating factors


And now I'll turn the call back over to Burton. Thank you, Bill. I am very pleased with our third quarter results. We delivered strong financial performance.

and now i'll turn the call back over to bernard thank you bill i am very pleased with our third quarter results we delivered strong financial performance


In order to do that, it goes beyond just the simple trusting relationship that you have. You have to show them some value. You have to show them that you're able to grow your business, again, and you can grow their business for them.

in order to do that it goes beyond just the simple trusting relationship that you have you got to show them some data you got to show them that you're able to grow your business again and that you can grow their business for them


This program is a great example of the new revenue opportunities created by our merger as we combine the Orbital legacy GEOStar satellite platform

this program is a great example of the new revenue opportunities created by our merger as we combine the orbital legacy geostar satellite platform and cygnus


to see if I could clarify some things on your backlog. So if you look just at your wholesale backlog and the color that you provided, that increased by

to see if i could clarify some things on your backlog so if you look just at your wholesale backlog and the color that you provided that increased by


with great opportunities. What we are doing is exercising a great deal of discipline as we analyze those opportunities. So

with great opportunities what we are doing is exercising a great deal of discipline as we analyze those opportunities so


Due to our global operations focus on lead times through continuous improvement, the team increased operational efficiencies and effectively added capacity to our network.

due to our global operations focus on lead times through continuous improvement the team increased operational efficiencies and effectively added capacity to our network


If you look at the booster study, highlighted in green, at Week 56, prior to the annual booster, you can see that these responses -- these antibody responses in both groups remained elevated.

if you look at the booster study highlighted in green at week 56 prior to the annual booster you can see that these responses -- these antibody responses in both groups remain elevated


Third, we have a strategy that continues to work, which gives me confidence even in the face of what we anticipate will be a more competitive retail environment.

third we have a strategy that continues to work which gives me confidence even in the face of what we anticipate will be a more competitive retail environment


You should not place undue reliance on these forward-looking statements. For additional information including a detailed discussion of our risk factors, please refer to the company's documents filed with the Securities and Exchange Commission,

you should not place undue reliance on these forward-looking statements for additional information including a detailed discussion of our risk factors please refer to the company's documents filed with the securities and exchange commission


Residential credit spreads further improved in the second quarter supported by both strong fundamentals and broadly more positive risk sentiment on the back of stabilization in markets and more accommodative central bank policy.

residential credit spreads further improved in the second quarter supported by both strong fundamentals and broadly more positive risk sentiment on the back of stabilization in markets and more accommodative central bank policy


our third and fourth quarter comps are going to be easier compared to the prior year because we had a stronger first half, and we really got weak in the second half, so now the comps become a little bit easier.

our third and fourth quarter comps are going to be easier compared to the prior year because we had a stronger first half and we really got weak in the second half so now the comps become a little bit easier


with its unmatched comprehensiveness of market coverage by geography and property type, has won significant contracts with large entities engaged in property tax appeal on behalf of commercial property owners

with its unmatched comprehensiveness of market coverage by geography and property type has won significant contracts with large entities engaged in property tax appeal on behalf of commercial property owners


We have a supply diversity on the pipe as we've spelled out a number of times, both in press releases and on these calls. A

we have supply diversity on the pipe as we've spelled out a number of times both in press releases and on these calls


We have no interest expense in the current year as a result of paying off the debt of the consolidated plants during fiscal 2014. Our tax rate for the quarter was lower than normal, reflecting several items,

we have no interest expense in the current year as a result of paying off the debt at the consolidated plants during fiscal 2014 our tax rate for the quarter was lower than normal reflecting several items


get to the parts of the study where we're studying lower doses where we expect that we'll see less of this and educating the sites on how to differentiate these symptoms from real abdominal attacks.


ongoing overall Audience Measurement contract and subscription with us. That's the way we've generally seen it play out so far with the big media companies that we work with. And I think it makes a lot of sense. It certainly works well for us.

ongoing overall audience measurement contract and subscription with us that's the way we've generally seen it play out so far with the big media companies that we work with and i think it makes a lot of sense certainly works well for us


As noted on previous calls, we will use our cash as efficiently as possible. If market conditions are favorable, we expect that share repurchases will continue to be a primary use of those funds.

as noted on previous calls we will use our cash as efficiently as possible if market conditions are favorable we expect that share repurchases will continue to be a primary use of those funds


We've also made significant progress in improving our financial position. We have significantly reduced capital expenditures by deferring certain elements of our work program.

we have also made significant progress in improving our financial position we have significantly reduced capital expenditures by deferring certain elements of our work program


Yes thanks, Louise. So I would stay with the same framework that I tried to give over the last couple of quarters of how I think about it. And it hasn't changed. And frankly it has come to

yes thankfully so i would stay with the same framework that i tried to give over the last couple of quarters of how i think about it and it hasn't changed and frankly it's come to


In the second quarter, we continued to successfully execute on our strategy to grow our generic and brand business platforms and to advance our key pipeline assets.

in the second quarter we continued to successfully execute on our strategy to grow our generic and brand business platforms and to advance our key pipeline assets


the beverage market in Taiwan has developed over the years. Every year, we see new products, and only a few will remain as star products.

the beverage market in taiwan has developed over the years every year we see new products and only a few will remain as star products


That would depend on how many stores open during the period and where we show our growth in China and what we need to support it. But I think it'll be pretty consistent with first and second quarter.

that would depend on how many stores open during the period and where we show our growth in china and what we need to support it but i think it'll be pretty consistent with first and second quarter


and from Walmart. But we're feeling reasonably confident in our ability to offset that. And again, the way to think about it is we're not going to put Inspire-type capital in hundreds of stores

and from walmart but we're feeling reasonably confident in our ability to offset that and again the way to think about it is we're not going to put inspire-type capital in hundreds of stores


We will continue to work with the Commonwealth, PREPA and other creditors to protect our interest and the interest of our stakeholders in making sure the rule of law is followed.

we will continue to work with the commonwealth prepa and other creditors to protect our interests and the interests of our stakeholders in making sure the rule of law is followed


These initiatives required tremendous energy from the entire team and with their successful conclusion, we are now focused on pursuing additional business development opportunities across our portfolio.

these initiatives required tremendous energy from the entire team and with their successful conclusion we are now focused on pursuing additional business development opportunities across our portfolio


Georgia DOT decision. We believe we've demonstrated need or that our customers certainly have by having signed up the contracts that they did. And so we continue to make progress on it, continue to pursue it and believe we'll get it done.

georgia dot decision we believe we've demonstrated need or that our customers certainly have by having signed up the contracts that they did and so we continue to make progress on it and continue to pursue it and believe we'll get it done


While the current market environment has slowed down a bit from the first half of the year. We remain bullish on the future. We firmly believe in our long-term strategy.

while the current market environment has slowed down a bit from the first half of the year we remain bullish on the future we firmly believe in our long-term strategy


Our new structure, as we mentioned, which is decentralized, is designed to ensure we are nimble, dynamic and totally focused on tailoring our offer to the needs and aspirations of the local communities.

a new structure as we mentioned which is decentralized is designed to ensure we are nimble dynamic and totally focused on tailoring our offer to the needs and aspirations of local communities


but we had to do, I would say, compared to the prior quarters, a lot more of a particular kind of traffic that requires a lot more hands-on activity and fixed

but we had to do i would say compared to the prior quarters a lot more of a particular kind of traffic that requires a lot more hands-on activity and fixed


However, I should note that revenue for this product will be predominantly generated from the usage we build for the minutes that terminate to the telephone numbers or originate from the telephone numbers.

however i should note that revenue for this product will be predominantly generated from the usage we built the minutes that terminate to the telephone numbers or originate from the telephone numbers


This increase resulted from a continuation of the notable recovery in Brazil. Increased project activity in developing markets. And a slightly favorable currency translation impact.

this increase resulted from a continuation of the notable recovery in brazil increased project activity in developing markets and a slightly favorable currency translation impact


You end up providing a full sense of security to consumers who think that the government have got their back, when in reality, actually switching

you end up providing a full sense of security to consumers who think that the government have got their back when in reality actually switching


In Q1, we expect a modest procedure headwind compared to Q1 2017 as a result of our estimates of working days, mostly due to the timing of the Good Friday holiday.

in q1 we expect a modest procedure headwind compared to q1 2017 as a result of our estimates of working days mostly due to the timing of the good friday holiday


but aggressive doesn't mean heavy discounting. Aggressive means strong strategy, a very laser-focused digital marketing strategy and improving our sales process at every turn.

but aggressive doesn't mean heavy discounting aggressive means strong strategy a very laser-focused digital marketing strategy and improving our sales process at every turn


One of our long-term objectives is to combine stability and predictability in cash flows with optionality as we have seen over time that market volatility can generate super returns from time to time.

one of our long-term objectives is to combine stability and predictability in cash flows with optionality as we have seen over time that market volatility can generate super returns from time to time


Lower interest rates have aided home affordability. And with rates forecasted to remain low, we believe that the strength in home purchase demand will likely continue.

lower interest rates have aided home affordability and with rates forecasted to remain low we believe that the strength in home purchase demand will likely continue


Further, there is no current plan on making substantial changes or terminating the HAAS contract. Some of the modifications that were made to our contract were done in parallel with the government spending review.

further there is no current plan on making substantial changes or terminating the house contract some of the modifications that were made to our contract were done in parallel with the government spending review


and we're well hedged. Our business plan doesn't assume that we're going to make any further divestitures, and we don't need to make any in order to get to lower leverage levels over time.

and we're well hedged our business plan doesn't assume that we're going to make any further divestitures and we don't need to make any in order to get to lower leverage levels over time


This touches every part of our organization. We have involved more than 1,000 Orica people across the globe to review the whole business and consider all factors that create value

this touches every part of our organization we have involved more than 1 000 orica people across the globe to review the whole business and consider all factors that create value


To promote stable future business expansion, we'll pursue an optimal portfolio for our Air Transportation business as a holdings company to support our resource strategy.

to promote stable future business expansion we'll pursue an optimal portfolio for our air transportation business as a holdings company to support our resource strategy


Well, I think they would moderate to back to our historical levels. I mean, if you go back and look at where we were as a percentage of revenue over the past couple of years, we will moderate back towards those

well i think they would moderate to back to our historical levels i mean if you go back and look at where we were as a percentage of revenue over the past couple of years we will moderate back towards those


First, we recently concluded a tax filing project to consolidate our operations in Italy, which will allow us to more effectively utilize certain in-country tax assets.

first we recently concluded a tax planning project to consolidate our operations in italy which will allow us to more effectively utilize certain in-country tax assets


Our new True Rewards players club program will allow us to cross-market targeted rewards to millions of players in our database in order to increase wallet share and time within our properties.

our new true rewards players club program will allow us to cross-market targeted rewards to millions of players in our database in order to increase wallet share and time within our properties


Please note that our comments are necessarily summary in nature, and anything we say is qualified by the more detailed disclosure set forth in our Form 10-Q.

please note that our comments are necessarily summary in nature and anything we say is qualified by the more detailed disclosure set forth in our form 10-q


We are very excited by our data in HRAS mutant head and neck cancer and the promise it offers to patients. We are squarely focused on delivering on our goals and look forward to sharing our continued progress with you.

we are very excited by our data in hras mutant head and neck cancer and the promise it offers to patients we're squarely focused on delivering on our goals and look forward to sharing our continued progress with you


we think we do the right things around aligning capital and risk and resources and business strategies. So that's a long way of saying the answer is no. We would not anticipate

we think we do the right things around aligning capital and risk and resources and business strategies so that's a long way of saying the answer is no we would not anticipate


The other significant foundational move is related to integrating finance with product and channels so we can account for how value is created within the company.

the other significant foundational move is related to integrating finance with product and channel so we can account for how value is created within the company


But overall, based on our assessment, gives us confidence in the feedback and the current quote activity and discussions that are occurring in some of the orders that already have been placed, give us

but overall based on our assessment gives us confidence in the feedback and the current quote activity and discussions that are occurring in some of the orders that have already been placed give us


We had discussed our expectation for a better second half of 2015, which was based primarily on the anniversaries of the NCI contract cancellation in the third quarter

we had discussed our expectation for a better second half of 2015 which was based primarily on the anniversaries of the nci contract cancellation in the third quarter


In addition to the ambulatory setting, our outpatient account managers are successfully engaging with oral surgery and plastic surgery customers, who are interested in highlighting their use of EXPAREL as a means of differentiating their practice.

in addition to the ambulatory setting our outpatient account managers are successfully engaging with oral surgery and plastic surgery customers who are interested in highlighting their use of exparel as a means of differentiating their practice


While much of the growth comes from new gaming and entertainment IP, approximately 60% of the revenue annually comes from IP that has been relevant for more than 30 years.

while much of the growth comes from new gaming and entertainment ip approximately 60% of the revenue annually comes from ip that has been relevant for more than 30 years


And you see it -- you see that behavior kind of going right through 0, right, because the margin book continues to grow as well, so customers even getting more comfortable borrowing. We see new entrants into the margin book,

and you see it -- you see that behavior kind of going right through 0 right because the margin book continues to grow as well so customers even getting more comfortable borrowing we see new entrants into the margin book


And we'd look forward to hearing more from Mondelez when they report second quarter results next week. Ali just a view on the strategic logic of the combination. So your issue sounds like it's principally

and we look forward to hearing more from mondelez when they report second quarter results next week now just a view on the strategic logic of the combination so your issue sounds like it's principally


in addition to his corporate development responsibilities. Tony's depth of knowledge of Integer, our industry and our strategy made him the right person to integrate this suite of responsibilities.

in addition to his corporate development responsibilities tony's depth of knowledge of integer our industry and our strategy made him the right person to integrate this suite of responsibilities


We're also pleased about the continued returns to our shareholders through dividend payments as we have paid a dividend now for 79 straight years and increased it for the last 26 consecutive years.

we're also pleased about the continued returns to our shareholders through dividend payments as we have paid a dividend now for 79 straight years and increased it for the last 26 consecutive years


We are focusing our efforts on new product innovation and quality as well as making significant changes to the organization in terms of sales and customer engagement, as well as operational efficiency.

we are focusing our efforts on new product innovation and quality as well as making significant changes to the organization in terms of sales and customer engagement as well as operational efficiency


So it's a very desirable feature to do business with Culp. While I don't believe we're going to be able to do that well, that quicker lead time on window treatments,

so it's a very desirable feature to doing business with cult while i don't believe we're going to be able to do that well that quick a lead time on window treatments


With respect to this plan, I would reiterate that we do not anticipate any significant updates to our 2018 restructuring plan, and we do not anticipate any additional plans or charges next year.

with respect to this plan i will reiterate that we do not anticipate any significant updates to our 2018 restructuring plan and we do not anticipate any additional plans or charges next year


What this has given us the time to do is to restructure some of the sales force. So we have got rid of a few representatives and brought in some new ones. So we haven't added as quickly as we wanted to add.

what this has given us the time to do is to restructure some of the sales force so we have got rid of a few representatives and brought in some new ones so we haven't added as quickly as we wanted to add


Okay, okay. Now my second question is on -- I was trying to buy somebody that's in the same business that we're in at the present time rather than some complementary line.

okay okay now as my second question is on -- i was trying to buy somebody that's in the same business that we're in at the present time rather than some complementary line


then go into the markets and the highlights in the markets, financial figures will be presented by Martin and then I come back with an outlook and question and answer.

then go into the markets and the highlights in the markets financial figures will be presented by martin and then i come back with an outlook and question and answer


that puts us in a good spot for the time being, and I don't anticipate any significant growth in that area at this point. But we still believe that the all things protein initiative that we have

that puts us in a good spot for the time being and i don't anticipate any significant growth in that area at this point but we still believe that the all things protein initiative that we have


And I would argue that the factors that are going to hurt that category are going to be similar to what's happening in roast and ground. It's a pretty commoditized category.

and i would argue that the factors that are going to hurt that category are going to be similar to what's happening in roast and ground it's a pretty commoditized category


We are excited to continue to demonstrate success in cost savings, infrastructure enhancements and cross-selling initiatives. We will also be very focused on organic growth.

we are excited to continue to demonstrate success in cost savings infrastructure enhancements and cross-selling initiatives we will also be very focused on organic growth


I took this job because I truly believe in the quality of its businesses and its people, and I saw a tremendous opportunity to build a leading and highly differentiated global specialty chemicals business.

i took this job because i truly believed in the quality of its businesses and its people and i saw a tremendous opportunity to build a leading and highly differentiated global specialty chemicals business


Excellent execution performance has led to lower cost on both of these Alaskan projects, and that increased efficiency is contributing to the lower capital spending that we've announced.

excellent execution performance has led to lower costs on both of these alaskan projects and that increased efficiency is contributing to the lower capital spending that we've announced


And you -- with no impact on the possible dividend and dividend increase, so how is the expectations for the second half when it comes to cash flow?

and you -- with no impact on the possible dividend and dividend increase so how is the expectations for the second half when it comes to cash flow


Losses incurred in the third quarter were primarily driven by loss expenses incurred in connection with our remediation efforts, partially offset by net positive credit developments.

losses incurred in the third quarter were primarily driven by loss expenses that incurred in connection with our remediation efforts partially offset by net positive credit development


Should we expect sales to ramp up to the full amount of roughly 8,600 barrels a day? And once the pipeline repairs are completed since you have oil in storage there and

should we expect sales to ramp up to the full amount of roughly 8 600 barrels a day once the pipeline repairs are completed since you have oil in storage there and


again, a glimmer that things are starting to improve. But it's really the very large type projects that still haven't really started to accelerate.

again a glimmer that things are starting to improve but it's really the very large type projects that still haven't really started to accelerate


We do have and have identified some more value that we can grab from Bulyanhulu and North Mara in the medium to long term, so we're focused on that.

we do have and have identified some more value that we can grab from bulyanhulu and north mara in the medium to long term so we're focused on that


into your system, into the grid and using it almost as an instantaneous generator is kind of the way to look at the way storage would operate. Using that with the renewal business,

into your system into the grid and operate -- using it almost as an instantaneous generator is kind of the way to look at the way storage would operate using that with the renewal business


Our underlying trading operating profit margin increased by 20 basis points, in spite of commodity and packaging cost headwinds of another 20 basis points.

our underlying trading operating profit margin increased by 20 basis points in spite of commodity and packaging cost headwinds of another 20 basis points


see if they -- let's go ahead and give them the physical game before the midnight launch, and then we'll turn on the servers because it's become less about picking up the game at midnight. It's become more about when do the servers come on.

and see if they -- let's go ahead and give them the physical game before the midnight launch and then we'll turn on the servers because it's become less about picking up the game at midnight it's become more about when do the servers come on


to be able to drive more. We also have the work that's been done in the past that I can't emphasize enough in terms of Beacon, the work that's underway in terms of consolidating our delivery

to be able to drive more we also have the work that's been done in the past but i can't emphasize enough in terms of beacon the work that's underway in terms of consolidating our delivery


as we are adding equipment on behalf of our customers and ahead of meaningful high-volume campaigns that will begin later this year. The typical time between installing tooling equipment

as we are adding equipment on behalf of our customers and ahead of meaningful high-volume campaigns that will begin later this year the typical time between installing tun equipment


In addition to the fact that we still have an investment in Venezuela and we know the situation there, should there be another official devaluation, we have an exposure of

in addition to the fact that we still have an investment in venezuela and we know that the situation there should there be another official devaluation we have an exposure of


second, net metals impact was negative compared to the prior year. In addition, Europe recorded some special pricing settlements last year in the third quarter that did not repeat this year.

second net metals impact was negative compared to the prior year in addition europe recorded some special pricing settlements last year in the third quarter that did not repeat this year


additional fourth quarter flying is we're accelerating already planned adds into the fourth quarter. The other color commentary I would offer up there is it's a little painful for us

additional fourth quarter flying as we're accelerating already planned adds into the fourth quarter the other color commentary i would offer up there is it's a little painful for us


largely related to the annual grant of management equity awards to retirement-eligible employees that are fully expensed when granted as well as other annual employee-related expenses in the first quarter.

largely related to the annual grant of management equity awards to retirement eligible employees that are fully expensed when granted as well as other annual employee-related expenses in the first quarter


As we've discussed, we expect revenue growth over the planning horizon to exceed our underlying markets by 2 to 3x. This growth will be delivered -- driven by our focus on solutions

as we have discussed we expect revenue growth over the planning horizon to exceed our underlying markets by 2 to 3 times this growth will be delivered -- driven by our focus on solutions


and we continue to be active purchasers as banks look to rebuild their balance sheets. The recovery from February's lows has tempered buying opportunities in the public debt markets.

and we continue to be active purchasers as banks look to rebuild their balance sheets the recovery from february's lows has tempered buying opportunities in the public debt markets


It is still too early to talk about sustained recovery in the industrial segments, but we observed a slowdown in the decrease of natural gas consumption at least

it is still too early to talk about sustained recovery in the industrial segment but we observed a slowdown in the decrease of natural gas consumption at least


it's a lot better to simplify our capital structure. And to the extent we like the returns and the spreads aren't great, we prefer to keep our capital structure simple.

it's a lot better to simplify our capital structure and to the extent we like the returns and the spreads aren't great we prefer to keep our capital structure simple


These investments have expanded and strengthened our ability to service our aerospace customers on a global basis, and we anticipate continued growth in the aerospace market.

these investments have expanded and strengthened our ability to service our aerospace customers on a global basis and we anticipate continued growth in the aerospace market


We still believe the Portland Terminal's strategic location in the Pacific Northwest makes it a valuable asset, whether it is Arc or another tenant that -- in the event that they would elect to terminate the lease.

we still believe the portland terminal's strategic location in the pacific northwest makes it a valuable asset whether it is arc or another tenant that -- in the event that they would elect to terminate the lease


Please keep these factors in mind when we discuss future strategic initiatives, operational outlook and financial guidance during today's call. And with that, I'll turn the call over to Dave Thompson.

please keep these factors in mind when we discuss future strategic initiatives operational outlook and financial guidance during today's call and with that i'll turn the call over to dave thompson


I think we can get into all that when we talk about '18. So it's a little too early to talk about all that right now. I think all we were signaling was that there is going to be some shift in Europe

i think we can get into all that when we talk about '18 so it's a little too early to talk about all that right now i think all we were signaling was that there is going to be some shift in europe


and decreased discounts from the liquidation of excess inventory in the first quarter of fiscal 2016, partially offset by higher allowances and supply chain costs.

and decreased discounts from the liquidation of excess inventory in the first quarter of fiscal 2016 partially offset by higher allowances and supply chain costs


Thank you. 2018 has truly been a transformational year for Dyadic. Looking ahead, we are very confident in our ability to generate meaningful scientific results

thank you 2018 has truly been a transformational year for dyadic looking ahead we are very confident in our ability to generate meaningful scientific results


Equally as important, it provides a material amount of additional capital for us to execute on our strategy of investing in publicly traded microcap companies with our constructive activist approach.

equally as important it provides a material amount of additional capital for us to execute on our strategy of investing in publicly traded microcap companies with our constructive activist approach


I think it's also important to highlight here that we made significant investments that we're making across our platform and while there are real barriers to entry for smaller players who don't have our scale and resources.

i think it's also important to highlight here that we made significant investment that we're making across our platform and why there are real barriers to entry for smaller players who don't have our scale and resources


Compared to the prior quarter, the increase was primarily driven by process improvement and greater efficiency in closing out a larger number of sites than expected since our last earnings call.

compared to the prior quarter the increase was primarily driven by process improvement and greater efficiency in closing out a larger number of sites than expected since our last earnings call


the various veto points that are in place with certain officers in the firm and how we approach the filtering and how different from the past. And I think we are now obviously

the various veto points that are in place with certain officers in the firm and how we approach the filtering and how different from the past and i think we are now obviously


Our international operations also continue to execute on our strategic initiatives, as evidenced by improved underwriting results and targeted growth, most notably in Europe.

our international operations also continue to execute on our strategic initiatives as evidenced by improved underwriting results and targeted growth most notably in europe


I think if that's the question, I think you'd simply just have to look at generally what the trend was in the prior to hurricane quarters. Houston had been a somewhat soft market given

i think if that's the question i think you'd simply just have to look at generally what the trend was in the prior to hurricane quarters houston had been a somewhat soft market given


Consequently, the majority of new assets we acquired were purchased at meaningfully cheaper valuations compared to both the beginning of the quarter as well as at quarter end, given the ultimate recovery in this sector.

consequently the majority of new assets we acquired were purchased at meaningfully cheaper valuations compared to both the beginning of the quarter as well as at quarter end given the ultimate recovery in the sector


We always anticipated that we will see same development as in Switzerland. Now for the first time, actually the German market is weaker on the same-store basis in print than Switzerland.

we always anticipated that we will see same development as in switzerland now for the first time actually the german market is weaker on a same-store basis in print than switzerland


in external sales. So the sale done by our franchise partners and own sales, whereas on the right-hand side, the development

in external sales so the sale done by our franchise partners and owns sales whereas on the right-hand side the development


and was in line with our guidance of down 5% to 7%. We had expected our average selling price to decline 1% to 3% in the fourth quarter as compared to the third quarter.

and was in line with our guidance of down 5% to 7% we had expected our average selling price to decline 1% to 3% in the fourth quarter as compared to the third quarter


We believe incentive fees will increase at a roughly 10% rate, which is faster than we previously modeled, largely due to the stronger RevPAR and margin growth in the Asia Pacific region.

we believe incentive fees will increase at a roughly 10% rate which is faster than we previously modeled largely due to the stronger revpar and margin growth in the asia pacific region


our app is moving in the right direction and allows us to customize our engagement with the consumer and ensure that we communicate in appropriate way and thereby also optimizing the commercial value of the consumers

our app is moving the right direction and allows us to customize our engagement with the consumer and ensure that we communicate in appropriate way and thereby also optimizing the commercial value of the consumers


First of all, we believe the completion of the merger and the integration of the 2 companies, including the rationalization of the 2 separate networks, could potentially take years.

first of all we believe the completion of the merger and the integration of the 2 companies including the rationalization of the 2 separate networks could potentially take years


Our results reaffirm our confidence in the future and progress against the financial targets we shared at our Investor Day as we strengthen our company for long-term profitable growth.

our results reaffirm our confidence in the future and progress against the financial targets we shared at our investor day as we strengthen our company for long-term profitable growth


while we're doing those other activities. So I think we'll have multiple things going on at the same time. I doubt very much that we would generate adequate revenue to cover the cost. So

while we're doing that those other activities so i think we'll have multiple things going on at the same time but i doubt very much that we would generate adequate revenue to cover the cost so


The hurdle is relatively high. And I think that's the highest difficulty for us in Southeast Asia, that is how to

the hurdle is relatively high and i think that's the highest difficulty for us in southeast asia that is how to


is the market is cycling. And when you have bankruptcies and strategic players wanting to get out and you see the market beginning to turn,

is the market is cycling and when you have bankruptcies and strategic players wanting to get out and you see the market beginning to turn


in the long run. So that 43% was a bit of an aberration to some extent, because we've been investing in 30% to 40% growth in sales capacity. We just turned up a few very large enterprises all at the same time.

in the long run so that 43% was a bit of an aberration to some extent because we've been investing in 30% to 40% growth in sales capacity we just turned up a few very large enterprises all at the same time


and the need to continually be able to drive productivity, especially with those individuals that might be viewing onshoring as part of their supply chain strategy as a requirement are looking towards automation.

and the need to continually be able to drive productivity especially with those individuals that might be viewing onshoring as part of their supply chain strategy as a requirement are looking towards automation


As I've said to our global team, with each major phase of growth comes a stop of the train. And at that stop, some people get off and others get on.

as i've said to our global team with each major phase of growth comes a stop of the train and at that stop some people get off and others get on


Here are some of the highlights from the third quarter and progress against those priorities. First, from a number standpoint, we made significant sequential improvement in our top and bottom line results.

here are some of the highlights from the third quarter and progress against those priorities first from a number standpoint we made significant sequential improvement in our top and bottom line results


And so what's driving the leverage to stay high over time is the fact that you're spending dollars with no cash flow coming in. And so I believe we'll be able to manage through that. And

and so what's driving the leverage to stay high over time is the fact that you're spending dollars with no cash flow coming in and so i believe we'll be able to manage through that


We also benefited from foreign exchange gains in our Bullion Fund products, which were partially offset by market value depreciation across most product lines as well as redemptions of our Bullion Funds.

we also benefited from foreign exchange gains in our bullion fund products which were partially offset by market value depreciation across most product lines as well as redemptions of our bullion funds


as well as dramatic momentum in APJ. I'm just back from our customer event in APJ and based on my discussion with customers and partners, I am confident there is significant untapped opportunity across the region.

as well as dramatic momentum in apj i am just back from our customer event in apj and based on my discussion with customers and partners i am confident there is significant untapped opportunity across the region


and then my thoughts on the individual business units in the full year. So I think, first, we need to put the quarter into perspective.

and then my thoughts on the individual business units in the full year so i think first we need to put the quarter into perspective


there's more of that to come. There's some big, big consolidations. We just did a big one in Denver, which is one of our largest offices that are now operating about 1,400 people in one location.

there's more of that to come there's some big big consolidations we just did a big one in denver which is one of our largest offices that are now operating about 1 400 people in one location


Thanks, Mike. Please turn to Slide 6. Our second quarter results were consistent with our expectations, with the exception of our oil and gas business where market conditions remain challenging.

thanks mike please turn to slide 6 our second quarter results were consistent with our expectations with the exception of our oil and gas business where market conditions remain challenging


That agreement with the counter-party has multiple stages on it. We would execute against the first stage of that and then look at subsequent years as part of our longer-term hedging strategy.

that agreement with the counterparty has multiple stages on it we would execute against the first stage of that and then look at subsequent years as part of our longer-term hedging strategy


Additionally, we expect to see margins stabilize or increase on lower margin products as new, higher margin versions of our higher volume products are released in the coming months.

additionally we expect to see margins stabilize or increase on lower-margin products as new higher-margin versions of our higher-volume products are released in the coming months


In closing, I want to thank all of our dedicated team members and associates for their hard work and dedication. It's a very exciting time for our company, and I'm proud of our team's work and the work they are doing.

in closing i want to thank all of our dedicated team members and associates for their hard work and dedication it's a very exciting time for our company and i'm proud of our team's work and the work they're doing


copper went through any sort of major step change at Morococha or Huaron. I was just curious, why copper seem to be working so well for you all of a sudden?

copper went through any sort of major step change at morrococha or huaron i was just curious why copper seemed to be working so well for you all of a sudden


This dramatic impact is not really seen in the actual net interest income of the bank, and there are many explanations why that is the case.

this dramatic impact is not really seen in the actual net interest income of the bank and there are many explanations why that is the case


Marketing, sales and distribution channels to support the ligase product launch are being developed in parallel with a target release date for the availability of commercial material around year-end.

marketing sales and distribution channels to support the ligase product launch are being developed in parallel with a target release date for the availability of commercial material around year-end


Let me start off by thanking all of U.S. Auto Parts' team members for remaining focused on the customer experience and their continued execution of our strategy and operating plan.

let me start off by thanking all of u s auto parts team members for remaining focused on the customer experience and their continued execution of our strategy and operating plan


Turning to Slide 5. I've already highlighted the efficiency ratio in my earlier comments, but visually, this represents all the work we've done since 2014 to improve the profitability of the company.

turning to slide 5 i've already highlighted the efficiency ratio in my earlier comments but visually this represents all the work we've done since 2014 to improve the profitability of the company


financial results for the entire fiscal year 2017. There will be changes in how goodwill is treated and how development costs will be booked in

financial results for the entire fiscal year 2017 there will be changes in how goodwill is treated and how development costs will be booked in


Simultaneously, our ready liquidity gives us the opportunity to pursue proactive delevering of our balance sheet by buying back our bonds at attractive prices.

simultaneously our ready liquidity gives us the opportunity to pursue proactive delevering of our balance sheet by buying back our bonds at attractive prices


As part of social, we'll enhance universal services, particularly at airports, resulting in promoting a society of coexistence that respects diversity.

as part of social we'll enhance universal services particularly at airports resulting in promoting a society of coexistence that respects diversity


there is no nothing essentially. So it's a very clean deal, it's a very thorough deal. And as we told you last week, it allowed us to fully resume operations pretty much -- on Thursday, we were back up and running.

there's no nothing essentially so it's a very clean deal it's a very thorough deal and as we told you last week it allowed us to fully resume operations pretty much on thursday we were back up and running


we have these licenses from OFAC that we're fully in the clear, OFAC has been very supportive in terms of getting the news out there. They circulated the information directly themselves to some of the banks

we have these licenses from ofac that we're fully in the clear of ofac has been very supportive in terms of getting the news out there they circulated the information directly themselves to some of the banks


The One Vonage platform includes a set of APIs that enable phone number programmability. With number programmability, it's easy to route calls,

the onevonage platform includes a set of apis that enable phone number programmability with number programmability it's easy to route calls


Outlook for semiconductor demand is robust. This will drive strong underlying materials and equipment demand relative to other specialty chemical markets.

outlook for semiconductor demand is robust this will drive strong underlying materials and equipment demand relative to other specialty chemical markets


range of margins that we see for our network in the part of the country where we do business and you build upon that the steps that we're actively taking to enhance that, we feel very, very confident about

the range of margins that we see for our network in the part of the country where we do business and you build upon that the steps that we're actively taking to enhance that we feel very very confident about


These measures associated with our DRIPs will further reduce share issuance, ensuring that future growth and production reserves and FFO more efficiently flows to our owners on a per share basis.

these measures associated with our drips will further reduce share issuance ensuring that future growth in production reserves and ffo more efficiently flows to our owners on a per-share basis


dependence, and people really looking at those low-cost supplies as something that they would much prefer to connect with, either through long-term gas purchase contracts that we've seen quite a bit of

dependence and people really looking at those low-cost supplies as something that they would much prefer to connect with either through long-term gas purchase contracts that we've seen quite a bit of


With this backdrop, we methodically selected 5 modules focused around key RCM performance outcomes where we are in a strong position to drive meaningful value for our customers.

with this backdrop we methodically selected 5 modules focused around key rcm performance outcomes where we are in a strong position to drive meaningful value for our customers


And so, obviously the planning phase of all of that is key to a successful delivery. We have been working for a little while, but as we go into phase 2, we will now start to ramp up

and so obviously the planning phase of all of that is key to a successful delivery we have been working for a little while but as we go into phase 2 we will now start to ramp up


So I wouldn't say that there is one that we're looking for more exposure to specifically. We do look at it on the flip side. And if there's new industries that we find unattractive or out of favor or if we had

so i wouldn't say that there's one that we're looking for more exposure to specifically we do look at it on the flip side and if there's industries that we find unattractive or out of favor or if we had


primarily due to lower parts and service revenue in our branch locations as we transitioned our Phoenix location to an independent dealer in July and had significant flooding in our Baton Rouge tank parts and service location.

primarily due to lower parts and service revenue in our branch locations as we transitioned our phoenix location to an independent dealer in july and had significant flooding in our baton rouge tank parts and service location


We believe the removal of this reimbursement hurdle will accelerate the transition of certain procedures to the ambulatory setting. This will not only drive patient and provider satisfaction, but also reduce the overall cost to the healthcare system.

we believe the removal of this reimbursement hurdle will accelerate the transition of certain procedures to the ambulatory setting this will not only drive patient and provider satisfaction but also reduce the overall cost to the health care system


we actually grew in our largest customer in 2018, but it wasn't on mobile, it was on all the other products. And I think as we start going in and I took a look at this, Harsh,

we actually grew in our largest customer in 2018 but it wasn't on mobile it was on all the other products and i think as we start going in and i took a look at this harsh


In Security's relatively small emerging market domain, significant softness in China cut into overall segment organic growth and profitability once again, muting some of the gains across the other businesses.

in securities relatively small emerging market domain significant softness in china cut into overall segment organic growth and profitability once again muting some of the gains across the other businesses


We'll need to execute against the backdrop of an unpredictable world economy, but we have the tools and capabilities to continue our growth and progress in the years to come.

we'll need to execute against the backdrop of an unpredictable world economy but we have the tools and capabilities to continue our growth and progress in the years to come


it's not an entire impact when it moves. You'll get some of the buyers that would have bought Red Dead buying Call of Duty or some of the other games, Destiny, some of the other things that come out.

it's not an entire impact when it moves you'll get some of the buyers that would have bought red dead buying call of duty or some of the other games destiny some of the other things that come out


dollars of product a month in order to keep their qualification, and many do it on an automatic basis and design their purchases so that they purchase no more than they need to in order to qualify.

dollars of product a month in order to keep their qualification and many do it on an automatic basis and design the -- excuse me design the purchases so that they purchase no more than they need to in order to qualify


I can tell you I'm very excited about what the opportunity looks like. This is a market we know well because of our experience with Lupron in this segment. And certainly, Lupron does not have the ideal profile for these women.

i can tell you i'm very excited about what the opportunity looks like this is a market we know well because of our experience with lupron in this segment and certainly lupron does not have the ideal profile for these women


They are not meant to be considered in isolation or as a substitute for comparable reported GAAP measures. Reconciliations of GAAP to non-GAAP financial measures discussed on this call

they are not meant to be considered in isolation or as a substitute for comparable reported gaap measures reconciliations of gaap to non-gaap financial measures discussed on this call


continue to maintain the methodology that we've had in the past, where we can put together a smaller scale development that has some meaningful

continue to maintain the methodology that we've had in the past where we can put together a smaller scale development that has some meaningful


A key strategic rationale for partnering with Encompass was to enhance the continuity of care for patients requiring home health services following discharge from our hospitals.

a key strategic rationale for partnering with encompass was to enhance the continuity of care for patients requiring home health services following discharge from our hospitals


being deployed into regional markets. And -- but yet, we're seeing most of the growth in your largest customers. Is there a push for more national contracts? And

being deployed into regional markets and -- but yes we're seeing most of the growth in your largest customers is there a push for more national contracts and


We hit 70%. So in terms of where it can go, Dylan, I really don't want to get into that. I want to see the next few quarters as we maintain these levels of production and perhaps even increase them

we hit 70% so in terms of where it can go dylan i really don't want to get into that i want to see the next few quarters as we maintain these levels of production and perhaps even increase them


At the end of the day, mobile is by far the most convenient and accessible way to manage your financial life, and as millennials become one of the biggest consumers of financial products, they continue to look for the best ways to digitally manage their financial lives.

at the end of the day mobile is by far the most convenient and accessible way to manage your financial life and as millennials become one of the biggest consumers of financial products they continue to look for the best ways to digitally manage their financial life


extravagant in our political assumptions to make the leverage ratios look good. We're being a little bit conservative that far out, and our leverage ratio is still going into the 4 makes us feel very comfortable.

extravagant in our political assumptions to make the leverage ratios look good we're being a little bit conservative that far out and our leverage ratio still going into the 4 makes us feel very comfortable


or more correctly, the lack thereof. Everyone has read in the press and heard from our peers about the unprecedented challenges and unusual aspects of this year's races.

or more correctly the lack thereof everyone has read in the press and heard from our peers about the unprecedented challenges and unusual aspects of this year's races


The adjustment is not the result of the actual performance in the first 6 months, but reflect our current expectation of bookings in the months ahead.

the adjustment is not the result of the actual performance in the first 6 months but reflects our current expectation of bookings in the months ahead


and passing it forward into the marketplace has been a little bit of a challenge. But if we think about the margin progression enough for the company and for our businesses overall, we think we're largely on track

and passing it forward into the marketplace has been a little bit of a challenge but as we think about the margin progression in our -- for the company and for our businesses overall we think we are largely on track


But given the fact that we were able to successfully have such strong net deployment so far, we thought it would be prudent to simply announce that we've considered doing it.

but given the fact that we were able to successfully have such strong net deployment so far we thought it would be prudent to simply announce that we've considered doing it


I give credit to the team with regards to the tremendous work they've done getting Chickadee not only off the ground, but literally in service and only for our customers.

give credit to the team with regards to the tremendous work they've done getting chickadee not only off the ground but literally in service and flowing for our customers


We invest in this business on multiyear cycles. We plan our years out. And we try to put ourselves in each of our communities in the best position possible to execute as well and give a chance -- ourselves an opportunity to do better,

we invest in this business on multiyear cycles we plan our years out and we try to put ourselves and each of our communities in the best position possible to execute as well and give ourselves an opportunity to do better


Our outlook related to Modular Solutions business remains very positive. I appreciate the first half of 2017 has been a challenging period for stakeholders. We are very optimistic about the next 12 months

our outlook related to modular solutions business remains very positive i appreciate the first half of 2017 has been a challenging period for stakeholders but we are very optimistic about the next 12 months


Now I'll give you an example of how we look at sectors. Industrial business has a lot of potential for us to utilize the large assets in technology we originally built and developed our oilfield.

now i'll give you an example of how we look at sectors the industrial business has a lot of potential for us to utilize the large assets and technology we originally built and developed for oilfield


So there's a whole range of aroma chemicals. Our business had historically focused on aroma chemicals that more and more had become somewhat commoditized. And so to that end, we set about to

so there's a whole range of aroma chemicals our business had historically focused on aroma chemicals that more and more had become somewhat commoditized and so to that end we set about to


Over time, we expect to increase the level of funding to 2%, in addition to establishing processes to increase the cadence of successful new product launches.

over time we expect to increase the level of funding to 2% in addition to establishing processes to increase the cadence of successful new product launches


Our sites and our operations footprint gives us a unique exposure to the diversity of these high-growth markets in which we continue investing, both

our size and our operations footprint gives us a unique exposure to the diversity of these high-growth markets in which we continue investing both


But do you think there is potentially a dynamic, given the late planting season that they could maybe stabilize and be a little supported for the next couple of months as opposed to

but do you think there is potentially a dynamic given the late planting season that they could maybe stabilize and be a little supported for the next couple of months as opposed to


and is a viable substitute for brominated fire retardants that are proven to have negative health effects and are being removed in some applications.


I recognize we've given everybody a lot to digest this morning. I hope we've answered many of your questions, but I am sure you're all going to have more in the days and weeks ahead.

i recognize we've given everybody a lot to digest this morning i hope we've answered many of your questions but i am sure you're all going to have more in the days and weeks ahead


what we characterize as metal profits, which is essentially the scrap spread, was exactly the same as the last year average for the full year and the first quarter of last year.

what we characterize as metal profits which is essentially the scrap spread was exactly the same as the last year average for the full year and the first quarter of last year


we're gearing that back up again. You see all the struggles that municipalities have and these are wonderful assets that they could outsource and it'd be good for them and certainly good for us. So

we're gearing that back up again you see all the struggles that municipalities have and these are wonderful assets that they could outsource and be good for them and certainly good for us so


Once we get through our own properties and begin to support our own properties, we can grow it anywhere, in any community because it's all variable costs. We don't need to go buy something

once we get through our own properties and begin to support our own properties we can grow it anywhere in any community because it's all variable costs we don't need to go buy something


Half of those were on boarded and trained in the fourth quarter of 2018 while the other half joined the company during Q1. We expect to see an impact from these additions starting in the second quarter.

half of those were onboarded and trained in the fourth quarter of 2018 while the other half joined the company during q1 we expect to see an impact from these additions starting in the second quarter


We have worked through with them what is appropriate, and it will be the case that we will not force ourselves to sell assets for anything that we would regard as an unattractive price.

we have worked through with them what is appropriate and it will be the case that we will not force ourselves to sell assets for anything that we would regard as an unattractive price


However, this may -- will be offset by the effect of tax reform and its impact on the municipal loan and securities portfolio yield, which we estimate to be about 3 basis points of headwind to the net interest margin.

however this may -- will be offset by the effect of tax reform and its impact on the municipal loan and securities portfolio yields which we estimate to be about 3 basis points of headwind to the net interest margin


we continue to see growth opportunities across the barrel and around the world. The growth of our U.S. natural gas export capacity is expected to provide further opportunities

we continue to see growth opportunities across the barrel and around the world the growth of our u s natural gas export capacity is expected to provide further opportunities


as a percentage of revenues was primarily due to the addition of 3 hospitals in 2015. Hospitals require higher staff levels and higher drugs and supply cost

as a percentage of revenues was primarily due to the addition of 3 hospitals in 2015 hospitals require higher staff levels and higher drugs and supply costs


One of the biggest challenges to creating a real challenger brand to the banks is define a compelling revenue model. Many around the world have tried launching with a card only as their first product and have struggled financially as the scale needed is massive.

one of the biggest challenges to creating a real challenger brand to the banks is to find a compelling revenue model many around the world have tried launching with a card only as their first product and have struggled financially as the scale needed is massive


How much capital we issue, if any, in the next quarter and what form will depend on a variety of factors including long-term loan growth as well as external market conditions.

how much capital we issue if any in the next quarter and in what form will depend on a variety of factors including long-term loan growth as well as external market conditions


And we had a fairly high turnaround season I think in China, and that's coming back. So I think that, that supply may impact that. But generally, Asia feels better than it did probably 3 or 4 months ago.

and we had a fairly high turnaround season i think in china and that's coming back so i think that that supply may impact that but generally asia feels better than it did probably 3 or 4 months ago


when the business case is positive and as we will see an increase in new build houses in the Netherlands going forward, we will see an increase

when the business case is positive and as we will see an increase in newbuild houses in the netherlands going forward we will see an increase


since the first quarter of '18. Over the last 5 months, we have changed our retail leadership and have added new resources to our retail deposit and business lending teams.

since the first quarter of '18 over the last 5 months we have changed our retail leadership and have added new resources to our retail deposit and business lending teams


that only organically will probably not close the gap, and therefore, logically, we are looking at what the opportunity will be to go for that.

that only organically will probably not close the gap and therefore logically we're looking at what the opportunity will be to go for that


we are active is also here. I believe that we can and will beat that market growth also in Europe based on the strength we have, based on the innovation that we will have.

are active is also here i believe that we can and will beat that market growth also in europe based on the strength we have based on the innovation that we will have


Going forward, we will adjust these numbers initially at the 6-month point of the year. They may go up, they may go down at that point in time based upon how we're collecting money.

going forward we will adjust these numbers initially at the 6-month point of the year they may go up they may go down at that point in time based upon how we're collecting money


for us, we think it will be something that -- folks like you and our colleagues on the call can easily go see as we hopefully develop it and develop it well. In terms of the

for us we think it'll be something that folks like you and our colleagues on the call can easily go see as we hopefully develop it and develop it well in terms of the


then obviously, our interest rate sensitivity would be really important to the story. So I think in summary, I think it's a wait and see. I don't think there's any reason to be overly concerned at this point. There's a lot of moving parts.

then obviously our interest rate sensitivity would be really important to the story so i think in summary i think it's wait and see i don't think there's any reason to be overly concerned at this point there's a lot of moving parts


The effect of higher product volumes on capacity utilization, modestly higher prices and lower material costs, particularly for brass castings, contributed to the higher percentage.

the effect of higher product volumes on capacity utilization modestly higher prices and lower material costs particularly for brass casting contributed to the higher percentage


Additionally, the division has seen headwinds in Brazil and the Middle East for macro factors in those regions, but we highlight that the performance in the core verticals have been robust and continues to represent a strong base to deliver future growth.

additionally the division has seen headwinds in brazil and the middle east from macro factors in those regions but we highlight that the performance in the core verticals have been robust and continues to represent a strong base to deliver future growth


Our acquisition pipeline has grown over 30% since the beginning of the year. This allows us to be highly selective in our investments while creating value for our customers and getting paid for this value.

our acquisition pipeline has grown over 30% since the beginning of the year this allows us to be highly selective in our investments while creating value for our customers and getting paid for this value


We already report C3, we already report C7. In fact, in all of the data that goes out to the marketplace, we have the capability to extend that even further. So that's one dimension. The other dimension is more about the breadth.

we already report c3 we already report c7 in fact in all of the data that goes out to the marketplace we have the capability to extend that even further so that's one dimension the other dimension is more about the breadth


I would say the other sort of large differentiator is that virtually all of our equity portfolio, certainly our credit portfolios, but all our equity portfolios are about laying off all the risk. We don't want to assume the risk we do want.

i would say the other sort of large differentiator is that virtually all of our equity portfolios certainly our credit portfolios but all our equity portfolios are about laying off all the risk we don't want to assume the risk we do want


There are more than words behind the governor's commitment. As of today, Puerto Rico is current on its premium payments, and we believe they will continue to make payments on a timely basis.

there are more than words behind the governor's commitment as of today puerto rico is current on its premium payments and we believe they will continue to make payments on a timely basis


To start with, conglomerates in the companies that confirm them have been identified, and we expect that in a few weeks an official list of conglomerates will be published by the Superintendency of Finance.

to start with conglomerates and the companies that conform them have been identified and we expect that in a few weeks an official list of conglomerates will be published by the superintendents of finance


which basically levels the field in the sense that Porvenir will now be able to invest up to 8% of its total administered funds

which basically levels the field in the sense that corvenir will now be able to invest up to 8% of its total administered funds


have competing influences and out toward external influences in their market that make us a bit more cautious, and we don't have near the seat at the table that we have in Texas.

have competing influences and outsource external influences in their market that make us a bit more cautious and we don't have near the seat at the table that we have in texas


Health and wellness, both in Canada and around the world, is a growing industry with a number of positive demographic trends. As you know, consumers everywhere, they want to live longer, and they want to have a higher quality of life.

health and wellness both in canada and around the world is a growing industry with a number of positive demographic trends as you know consumers everywhere they want to live longer and they want to have a higher quality of life


in order to achieve that? I think that's less likely. I think what's more likely is that we will acquire assets that fit our investments and operating focus,

in order to achieve that i think that's less likely i think what's more likely is that we will acquire assets that fit our investments and operating focus


We have started the initial shipments of our DT systems to Ashok for their pilot build -- bus builds, and we expect these shipments to continue over the next few months.

we have started the initial shipments of our dt systems to ashok for their pilot build -- bus builds and we expect these shipments to continue over the next few months


And as you noticed, our expenses declined in the last fiscal year, fiscal '16 compared to prior years. And that's largely because that infrastructural stuff that we did, all of that investment,

and as you noticed our expenses declined in the last fiscal year fiscal '16 compared to prior years and that's largely because that infrastructural stuff that we did all of that investment


And then the other area which is a great strength for Shoppers Drug Mart, always has been and we think is a big part of the next wave for Shoppers' growth, is beauty.

and then the other area which is a great strength for shoppers drug mart always has been and we think is a big part of the next wave for shoppers growth is beauty


to be predominant in this market. In my view. The correct strategic approach is to focus on small companies. There are thousands of retailers that are already selling online in Brazil.

to be predominant in this market in my view the correct strategic approach is to focus on small companies there are thousands of retailers that are already selling online in brazil


Flexible pipes are quick and easy to lag even in congested environments because they are spooled directly off of wheel which cuts the installation time to a fraction of the time required to install conventional rigid pipe.

flexible pipes are quick and easy to lay even in congested environments because they are spooled directly off a reel which cuts the installation time to a fraction of the time required to install conventional rigid pipe


maybe you took up pricing or maybe priced a little bit ahead of the market, and hence, the volume losses. Is that a good explanation? Or are the volume losses

maybe you took up pricing -- maybe priced a little bit ahead of the market and hence the volume losses is that a good explanation or are the volume losses


into the public sector organization at Cornerstone. And we see a lot of upside there, particularly as we combine our health care product with

into the public sector organization at cornerstone and we see a lot of upside there particularly as we combine our healthcare product with


In the past, our customers offset our production flow system measurements to their CMMs. We now have multiple solutions to our -- allow customers to do away

in the past our customers offset our production floor system measurements to their cmms we now have multiple solutions to allow our customers to do away


It is our point of view that as market conditions drive increasing financial pressures on providers, combined with the complexity that comes with managing multiple payment models,

it is our point of view that as market conditions drive increasing financial pressures on providers combined with the complexity that comes with managing multiple payment models


There were a couple of reasons for starting with the single dose, and first amongst them was to observe the full duration of effect and rebound characteristics of the single dose

there were a couple of reasons for starting with a single dose and the first amongst them was to observe the full duration of effect and rebound characteristics of a single dose


So we have the right to acquire up to a 30% working interest upon a well decision following completion of the seismic program and full geological and geophysical interpretation.

so we have the right to acquire up to a 30% working interest upon a well decision following completion of the seismic program and full geological -- and geophysical interpretation


So you could have some labs that might have lower pricing with same pricing as we do but they're actually charging more because there's more activity for a given condition. So really, the focus around

so you can have some labs that might have lower pricing or the same pricing as we do but they're actually charging more because there's more activity for a given condition so really the focus around


and feel good about all the other growth initiatives that we have funded. But certainly, I think '18 is the best year we've had in the past 3 years for sure

and feel good about all the other growth initiatives we have funded but certainly i think '18 is the best year we've had in the past 3 years for sure


we do hope that post 2018, we would be able to start seeing some kind of benefits, whether it's on the revenue side or the expense side, because of the amount of money that we're investing.

we do hope that post 2018 we would be able to start seeing some kind of benefits whether it's on the revenue side or the expense side because of the amount of money that we're investing


Within property, we continue to pursue appropriate rate increases while improving underwriting and pricing segmentation to ensure consistent, solid underlying results.

within property we continue to pursue appropriate rate increases while improving underwriting and pricing segmentation to ensure consistent solid underlying results


We've seen probably a little more storm damage as of -- as the quarter ended in some regions. But I wouldn't call it anything out of the ordinary in terms of storm damage in the quarter.

we've seen probably a little more storm damage as the quarter ended in some regions but i wouldn't call it anything out of the ordinary in terms of storm damage in the quarter


This acquisition has not just helped to further differentiate our products for both consumers and partners, but has also delivered a whole new opportunity with a new set of partners.

this acquisition has not just helped to further differentiate our products for both consumers and partners but has also delivered a whole new opportunity with a new set of partners


the company well and our customer base well in the future. So as volumes go up, we can convert some capital investments into operating efficiency. You've seen us doing that,

the company well and our customer base well in the future so as volumes go up we can convert some capital investments into operating efficiency you've seen us doing that


and we see what products are doing well and what products are not, it is Tom's, Roger's, Brent's, and my expectation that we will then sell down in those categories that did not perform

and we see what products are doing well and what products are not it is tom's rogers brent's and my expectation that we will then sell down in those categories that did not perform


And so while Gander Outdoors, Gander Mountain, historically, was a big box retailer, when you see it next week in Kenosha, you will recognize that it is really the single point

and so while gander outdoors gander mountain historically was a big box retailer when you see it next week in kenosha you will recognize that it is really the single point


completion sites due to road bans in the West Hudson area during September. Frac pumpers are the heaviest equipment that we have to move around in the field. And so of course we need some relatively firm roads to do that.

completion sites due to road bands in the west edison area during september frac pumpers are the heaviest equipment that we have to move around in the field and so of course we need some relatively firm roads to do that


We also just completed a survey of our customers to gain additional insights into what they want to see from the brand. We received some great feedback and are working to analyze the responses and come up with appropriate go-forward strategies.

we also just completed a survey of our customers to gain additional insights into what they want to see from the brand we received some great feedback and are working to analyze the responses and come up with appropriate go-forward strategies


The esthetic of the store reflects the local relaxed vibe with clean lines, neutral tones and an inviting atmosphere. We continue to evaluate additional retail locations, opportunistically. We

the aesthetic of the store reflects the local relaxed vibe with clean lines neutral tones and an inviting atmosphere we continue to evaluate additional retail locations opportunistically


All our work has been done meeting our commitment to good governance, being open and predictable for the market, and driving all our activities with a combination of social focus and delivering results.

all our work has been done meeting our commitment to good governance being open and predictable to the markets and driving all our activities with a combination of social focus and delivering results


but rather simply accelerated. And hence, we expect this year's extra spending will translate into commensurate savings in 2018. With improved confidence from the preclinical trials,

but rather simply accelerated and hence we expect this year's extra spending will translate into commensurate savings in 2018 with improved confidence from the preclinical trials


As a result of this refinancing transaction, we reduced our exposure to variable-rate debt, extended our weighted average maturity and increased the availability of borrowings under our revolving credit facility.

as a result of this refinancing transaction we reduced our exposure to variable rate debt extended our weighted average maturity and increased the availability of borrowings under our revolving credit facility


Well, in general, the rationale is that we're -- we are a relatively low CapEx business. We are, obviously spending capital to grow the business.

well in general the rationale is that we are a relatively low capex business we are obviously spending capital to grow the business


This is something that we think a lot about with regard to the value proposition for the brand. And because we have such strong access with the payer, it's something that we are quite thoughtful with. As you know, we came in

this is something that we think a lot about with regard to the value proposition for the brand and because we have such strong access with the payer it's something that we're quite thoughtful with as you know we came in


Overall, our results for the second quarter were in line with our expectations. We added new partnerships with both domestic and Chinese content providers and platforms to distribute content,

overall our results for the second quarter were in line with our expectations we added new partnerships with both domestic and chinese content providers and platforms to distribute content


We're pleased with our execution during this crisis and believe that our business continuity plans were effective in minimizing the impact to our customers and to our ongoing financial results.

we're pleased with our execution during this crisis and believe that our business continuity plans were effective in minimizing the impact to our customers and to our ongoing financial results